Heat the olive oil in a large, deep frying pan over a low heat. Add the onions and sauté until soft.
Add the courgette, garlic and pancetta. Sauté over a moderate heat until cooked.
Add the orzo and stir with a wooden spoon for a couple of minutes.
Add the wine or vermouth and stir, scraping the bottom of the pot with the wooden spoon until all of the alcohol has evaporated.
Stir in the stock gradually and cook for 10 minutes before slowly adding the cream.
When the orzo is cooked and all the liquid has been absorbed, add the peas and parley and season with pepper.
Serve in bowls topped with shredded mozzarella or Parmesan.